Montana Capital Partners has held a final close on its latest dedicated secondaries fund after just 10 weeks of fundraising, according to a statement exclusively obtained by Secondaries Investor.
The Baar, Switzerland-based firm has closed its third fund, mcp Opportunity Secondary Program III, on its hard-cap of €400 million. The fund, which was originally targeting €300 million, was almost twice oversubscribed and will focus on niche segments of the secondaries market, following a similar strategy to the firm’s previous two funds, according to the statement. The manager contribution to the fund is approximately €6 million.
“Our focus will remain on small and more complex secondary transactions, often sourced directly, where we work closely with the sellers to provide them with a solution tailored to their requirements,” Marco Wulff, partner and co-founder at Montana, said in the statement. “With the ongoing sophistication of the secondary market, we believe that these more innovative solutions offer added value for the sellers.”
Montana’s two previous funds had 12-month investment periods and were significantly smaller. Annual Secondary Program I is a 2013-vintage €80 million vehicle and Annual Secondary Program II closed on its €100 million hard cap in November 2014 after four months of fundraising.
Mcp Opportunity Secondary Program III has a three-year investment period and will have a similar deal strategy to the firm’s previous two funds. The average size of deals from those funds was around €14 million. Management fees will be charged on committed capital, whereas with the earlier annual programmes, the fees were based on capital invested.
Investors in the fund include London Pensions Fund Authority, as well as insurance firms, pension funds and family offices in Germany, Switzerland, the UK and Scandinavia.
Founded in 2011 by two former Capital Dynamics executives Wulff and Christian Diller, Montana focuses on customised secondaries investment programs and asset management services.